 "The scale will make the merged banks efficient, help them expand credit, introduce new products and bring down the cost of money for customers")
State-owned Punjab & Sind Bank on Saturday said it has declared the non-performing account of Golden Jubilee Hotels, involving an outstanding amount of over Rs 86 crore, as "fraud".
"It is informed that an NPA account viz Golden Jubilee Hotels Pvt Ltd with book outstanding of Rs 86.40 crore and 100 per cent provisioning has been declared as fraud and reported to the RBI as per regulatory requirement," it said in a filing to exchanges.
Golden Jubilee Hotels Pvt Ltd is a public-private partnership (PPP) with the Department of Tourism and Youth Advancement, Tourism & Culture, Government of Telangana, according to the
